公募重要改革，解读来了

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Action Plan for Promoting the High-Quality Development of Public Funds," aiming to deepen reforms, enhance the binding of interests between the public fund industry and investors, and improve the stability of investment behaviors while expanding equity funds [1][2]. Group 1: Reform Measures - The plan includes 25 reform measures that focus on transitioning the industry from "scale-oriented" to "return-oriented," marking a turning point for high-quality development in the public fund sector [1][2]. - Key reforms involve adjustments in product design, investment operations, market promotion, and performance evaluation, such as implementing a floating management fee model for actively managed equity funds [1][4]. - The plan also emphasizes optimizing administrative regulation and industry self-discipline, including enhancing regulatory evaluation, improving salary management, and reducing investment costs [1][2]. Group 2: Performance Benchmarking - The CSRC will soon introduce regulatory guidelines for performance benchmarks, which are crucial for the new floating management fee products and the performance evaluation of fund companies and managers [3][4]. - The performance benchmark serves as a "anchor" and "ruler" for fund investments, clarifying investment styles and measuring whether funds outperform the market [3][4]. Group 3: Fee Structure Changes - The plan promotes a floating management fee model for actively managed equity funds, where management fees are determined based on the fund's performance relative to the benchmark during the holding period [5][6]. - For example, if a fund meets the benchmark, it will charge a standard fee (e.g., 1.2%), while significantly underperforming funds will charge a lower fee (e.g., 0.6%), and those that exceed the benchmark will charge a higher fee (e.g., 1.5%) [6]. Group 4: Evaluation and Compensation - The plan aims to establish a comprehensive evaluation system for fund companies, focusing on investment returns and investor profits, with a minimum weight of 50% for investment return metrics in executive evaluations [8][9]. - Fund managers with poor performance relative to benchmarks will see a significant decrease in their performance-based compensation, while those with strong performance may receive increased compensation [9]. Group 5: Institutional Development - The plan outlines measures to enhance the governance of fund companies, ensuring that large shareholders do not exert undue influence and that governance structures are sound [11][12]. - It also encourages the development of a robust investment research team and the creation of fund products tailored for individual pension investments [11][12]. Group 6: Implementation Timeline - The overall reform is expected to be completed within three years, aligning with previous regulatory opinions aimed at establishing a "textbook-style" regulatory model and industry standards [13][14]. - The CSRC will implement the reforms in phases, allowing industry participants adequate time to adjust and ensuring that the measures are practical and effective [13][14].